Tue. Jun 25th, 2024

Delhi, India (CNN Business) – Asia’s wealthiest man has launched an aggressive takeover bid to gain control of a major broadcaster in India and establish a stronger presence in the country’s dynamic media market.
AMG Media Networks, a part of billionaire Gautam Adani’s business empire, said late on Tuesday that it had bought a 29% stake in New Delhi Television (NDTV) from one of the network’s key owners for an unknown amount.
According to documents filed with the Mumbai Stock Exchange, the Adani Group has also made an offer to NDTV shareholders to buy an extra 26% stake in the broadcaster for $61.77 million.
According to Sanjay Pugalia, the company’s CEO, “This purchase marks a huge milestone” for AMG Media Networks. The business “seeks to provide information and expertise to Indian people, customers, and others interested in India,” he said.

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The change, according to NDTV, which runs websites and TV networks, was made without their approval.
The founders and promoters of NDTV said in a statement that Adani had bought the 29% share in the business without their “discussion, approval, or notice.”
One of India’s most reliable tottenham hotspur transfer news networks, NDTV was established in 1988 by journalists Radhika Roy and Prannoy Roy. The Bharatiya Janata Party, which is in power, and Prime Minister Narendra Modi are two topics that are often attacked by this prominent broadcaster, one of the few.
Editorial independence worries
Because of what Adani did, there are worries that journalism in the biggest democracy in the world is becoming less independent and less diverse.
Reporters Without Borders (RSF) said in a 2019 report that major Indian media groups often have investments in other fields.The group said that most of the top companies are owned by “large conglomerates that are still run by the founding families and invest in a wide range of industries besides media.”
Analysts say this means that in order for the owners of TV stations and newspapers to get good rules for their other businesses, they need to get along well with the party in power and overlook its mistakes.
The creator of the Adani Group, Adani, is the owner of a variety of businesses, from ports and aircraft to solar energy and coal. Investors bet on his ability to grow his company in industries that Modi thinks will grow, which has led to a huge increase in his wealth since the outbreak.

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The Bloomberg Billionaires Index says that Adani is worth $135 billion right now. This makes him the fourth richest person in the world.

However, the group’s media entry comes at a time when experts are worried about its debt-fueled fast development.
In research released on Tuesday, CreditSights analysts said that “The Adani Group is progressively foraying into new and/or unrelated sectors, which are extremely capital-demanding and create concerns around spreading execution control too thin.”